Press Release

OFID GOVERNING BOARD MEETS IN ITS 120 th SESSION TO CONSIDER NEW FINANCING AND PROGRAMS

24/2007 August 29, 2007, Vienna, Austria
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The Governing Board of the OPEC Fund for International Development (OFID) held its 120th Session in Vienna, August 28, to consider fresh financing for projects and programs and review various reports. The Board approved, among others, a total US$81.71 million to support seven public sector projects in various countries of Africa and Asia. It also provided grant support to benefit Cambodia, Haiti, Sierra Leone and Lebanon.

The Director-General of OFID, Mr. Suleiman Jasir Al-Herbish, informed the Board that the total amount of loans approved until July 31, 2007, amounted to US$6.35 billion, with cumulative disbursements at about US$4.24 billion, representing an overall commitment-to-disbursement ratio of 67%. The Director-General disclosed that there are 261 effective loans under disbursement; a total of 718 loans fully disbursed; and 463 loans fully repaid.

The seven public sector project loans comprise:

Country	Project	Amount (US$ mil.)
Botswana	Sir Seretse Khama International Airport Upgrading and Expansion	20.59
Côte d’Ivoire	Abidjan Water Supply Reinforcement	6.00
Ethiopia	Sawala Key Afer Rural Electrification	20.00
The Maldives	Construction of Harbors for Tsunami Victims	6.00
Mali	Livestock Development III	4.61
Sierra Leone	Kenema - Pendembu Road	12.51
Uzbekistan	Kuyu Mazar Pumping Station	12.00
Total		81.71

The approved grants were for
-) a Special Program for Food Security and Food Safety (SPFS), phase II, to benefit Cambodia, Haiti and Sierra Leone; and
-) construction of a medical centre in Berkayel, Lebanon.

The Board also approved six proposed private sector operations and a new trade financing program.

Since its inception in 1976, OFID has provided more than US$8.5 billion in much needed concessional development financing to 120 developing countries.